Letters Of Credit For Imports Go Up By Over 17 Percent In Bangladesh

July 26, 2008 12:43 p.m. EST

Dhaka, Bangladesh (AHN)- Opening of letters of credit for imports increased by 17.75 percent during the first 17 days of July, compared to that of the corresponding period of the previous year.

"The overall trend of opening letters of credit (LCs) for imports, particularly food grains and other essential items, will continue till September, 2008 due to the month of Ramadan," a senior official of Bangladesh Bank (BB), the country's central bank, told AHN in the capital, Dhaka on Saturday.

He also said a large quantity of essential commodities, particularly wheat, pulses, onion and edible oils, will be imported normally to meet the growing demand from the consumers during the month of Ramadan, a holy month for the Muslims around the world.

Import LCs worth $1.183 billion were opened during the period against LCs worth $1.005 billion of the corresponding period of last year, according to the central bank statistics, released on Thursday. LCs, opened for import of some essential items including sugar and onion, rose during the period while those on rice, wheat, milk food and pulses marked a fall, officials confirmed.